New in PJ Media:
Joe Biden’s tumultuous year and a half of pretending to be president has seen the fall and rise of many things in the United States: gas prices, of course, are rising through the roof, along with prices on pretty much everything else. But for the stock market, it’s a different story altogether. Yahoo Finance reported Friday that U.S. stocks have just endured their longest losing streak since 2001; in other words, Joe Biden’s presidency has had an effect on the U.S. economy that is equivalent to 9/11.
This is not in any way to diminish the untold suffering that resulted from the attacks. Nearly 3,000 people were brutally murdered. There is no equivalent for that and no mitigation of its horror. The analogy between then and now is not in that but in the fact that the economy is suffering to a degree that we have not seen since the immediate aftermath of that terrible day.
According to Yahoo Finance, the major stock indexes were “heading for steep weekly losses as concerns over the resilience of corporate profits in the face of inflation resurged this week.” Luckily, Old Joe’s Commie pals threw us a lifeline: “the S&P 500 traded lower, erasing earlier gains after China’s central bank unexpectedly cut a benchmark interest rate to offer some relief to borrowers in the country still grappling with a widespread COVID-19 outbreak.”
Nonetheless, “the index dropped more than 1.5%, bringing it on intraday basis lower by more than 20% from its recent record close from Jan. 3. If the losses hold through market close, the S&P 500 will have entered a bear market.” Well, of course, we will. That is as certain as Joe’s next teleprompter gaffe.
Meanwhile, the news from the other indexes was no better: “the Dow shed more than 400 points, or 1.4%, and the Nasdaq dropped more than 2% during intraday trading. Treasury yields sank, with the yield on the benchmark 10-year note sinking to just above 2.8%, and U.S. crude oil prices edged up to more than $112 per barrel.” And this has been going on for a while: “the losses Friday for the major U.S. stock indexes extended a slide seen earlier this week. As of Thursday’s close, the S&P 500 was on track for a weekly loss of 5.4% — its biggest since January. And the index was also on track to post a seventh straight weekly loss, or its longest losing streak since 2001. The Dow and Nasdaq paced toward weekly losses of 5% and 6.2%, respectively.”
There is more. Read the rest here.
Wellington says
Biden is a total f…-up. Everything he touches he ruins, just as Leftists in general do. He’s a total waste product, even a waste of space.
Walter Sieruk says
Joe Biden with his constant socialist medding and interfering in the American free enterprise system.is wrecking the economy of this nation.
Biden even destroyed the business of that northern oil pipeline causing many American workers to lose their much needed jobs. Likewise making the United States once again dependent on foreign oil.
That was on of many factors that contributed high price of gas.
It was reported on the news the this very high price of fuel .cost men driving trucks for a living so spending as much a one thousand dollars to fill up the gas tanks of their truck, causing many of them to go out of business thus losing their jobs . This is one reason foe high food prices and bareen shelves at the grocery market
Related to this is that by Biden pushing and even attempting to force socialism of the United States economic system also inflection at the grocery store and cause many empty shelves , People never saw empty shelves during the Trump administration.
This Bogus US “President” must be deliberately attempting to harm this nation . What a treasonous villain he is.
Other villains who ,”behind the curtains ,” are other treacherous dangerous villains who use this puppet “president” as their useful idiot and tool as one of their weapon against America.
Walter Sieruk says
In one of the speeches by Joe Biden ,he actually said that “The Republicans are against everything.”
What lying gall he has. It’s Biden and his left- wing Democrats supporters who are against things.
What Biden spoke of his opponents being against “everything” he should first look into the mirror.
For Biden is against the American free enterprise system.
Biden is against American being oil independent .
Biden must be against the American worker because of his socialist economic policies
Biden must be against low gas and food prices.
Biden is definity against a strong firm secure US/Mexican border.
Biden is against supporting our only one good friend in the Middle East the State of Israel.
Biden is against putting the hostile vicious anti. America “mullah regime” of Iran in its place by giving those in power in that Islamic tyranny everything they demand.
Biden is the negative one.
somehistory says
While watching some news reports this morning, one report said that the stock market is doing like it did in the ’30’s during the Great Depression. that’s even worse than in 2–1.
gravenimage says
This from Biden reminds me of inflation under Carter.
Lorensacho says
The American economy has never been better. What world are you living in?
gravenimage says
Lorensacho, sky-high inflation is not actually a good thing for the US economy. Your implication that this has made the economy better makes no sense, I’m afraid.